Trade Idea – NEO (NEOUSD):Bullish Bias
Daily Timeframe Analysis
The Daily timeframe of NEO (NEOUSD) is presented on a Daily timeframe analysis using a log scale. Elliott wave analysis tracks price from the January 14, 2018 price peak to current date.
The main focus however for NEO is its current development from the December 15, 2018 price bottom. This shows the completion of an expanding leading diagonal for a minuette wave (i) position.
Arrows drawn on the chart indicate the trajectory expected for price action prior to the resumption of an uptrend.
Key levels to focus on: 10.82, and 8.20 (based on data from BINANCE).
Outlook: Price action is expected to target either key level above before resumption of the uptrend.
Stop loss for the above scenario can be placed at ~5.31.
Minimum profit target: ~32.86 or ~33
Note: Prices can vary between NEO exchanges. As a result, there may be differences in the charts provided above due to different data sets.